Alex McLeish has warned Rangers not to get too cocky after avoiding the Europa League big guns.
Steven Gerrard's team could have faced a battle of Britain against the likes of Manchester United, Tottenham or Arsenal in the draw for the last 16.
They could also have landed a two-leg showdown with continental kings such as AC Milan or Ajax.
But there was relief among the Light Blues faithful after seeing their team pulled out of the hat with Czech champions Slavia Prague.
The Gers support will see it as another winnable tie for the Light Blues after they blitzed their way past Royal Antwerp 9-5 on aggregate.
But former Ibrox manager McLeish insists Jindrich Trpisovsky's side should not to be underestimated ahead of the first leg at the Sinobo Stadium on March 11.
Like Gerrard's team, the Red and Whites have yet to suffer defeat in their domestic league this season and created a major shock when they dumped Brendan Rodgers' Leicester out of the competition on Thursday night.
McLeish has also been impressed by a youth academy that has helped rear current West Ham stars Vladimir Coufal and Tomas Soucek.
And while the ex-Gers boss – who became the first man to lead a Scottish team to the Champions League knockout stage in 2006 – believes Rangers are capable of marching on to the quarter-finals, he insists it will not be the walk in the park some fans are predicting.
McLeish, speaking to Ten10 Podcasts' Rangers Connection show, said: "Slavia Prague have done well and you think of the result against Leicester, which was amazing.
"I think everybody will be looking at it and thinking 'Slavia Prague are not one of the big names'. They are an emerging side.
"You think of the two boys at West Ham that Davie Moyes signed, that looks like fantastic recruitment as well.
"There is an emergence there. In saying that, Rangers have handled everything so far and if Slavia Prague are the best team left in the tournament I will be surprised.
"If the draw falls right for Rangers then there is no saying how it is all going to end up. There are superb teams left in the competition and Rangers have done their job up until now.
"Now they will face bigger tests.
"I think Rangers will go into it with the same diligence they did against the previous opponents. It was like a five-a-side game on Thursday night against Antwerp, it was end-to-end.
"The first leg was a seven-goal thriller and then Thursday night was the same. It was two teams going at it hammer and tong. I think there will be a bit of euphoria in terms of the draw but let's not get carried away and say this will be an easy draw."
But Slavia boss Trpisovsky is looking forward to pitting his wits against former Liverpool great Gerrard.
"I am excited and satisfied with the draw," he said. "They are coached by a former great player and a great coach in Steven Gerrard who I have always admired.
"In addition they have a beautiful stadium. I wanted us to draw another British team after beating Leicester City. We haven't been to Scotland yet, so I'm extremely satisfied."
Midfielder Nico Stanciu added: "Rangers are a good team. It will be an important tie for us, a hard test, but it is a nice draw. We are looking forward to two interesting games."
